UBS has landed a role on the $500m-plus flotation of Polymetal next month with the mining group one of two Russian companies to outline plans today for an initial public offering in London.

Polymetal confirmed today that it will list 30% of its shares on the London Stock Exchange and in Russia, in a deal that analysts expect to value the company at roughly $2.5bn.

Deutsche Bank and Merrill Lynch had been expected to to lead the flotation, but UBS has also claimed a role on the deal, with the three banks acting as joint global co-ordinators and bookrunners. Polymetal is expected to float next month, according to sources familiar with the company’s listing plans.

Russian technology company Sitronics, which is majority owned by conglomerate Sistema, also today confirmed plans to float in London in a deal that had been expected late last year. It will be the first Russian technology company to float overseas, according to a statement from the company.